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Security and the IoT ecosystem provides five key takeaways of relevance to both developers and users of IoT solutions.

The IoT market is evolving

The IoT sector is growing rapidly and will likely undergo several iterations of transformation. Similarly, concerns related to security, privacy and trust will also evolve and transform as the market changes. As such, security strategies should be broad-based to anticipate and respond to potential disruptions that could impact current market positions.

The IoT ecosystem plays a critical role in securing IoT

Businesses should carefully evaluate their 3rd party suppliers, identify qualified partners, and invest in integrating security, privacy and trust across the ecosystem. Business should consider different approaches to building the capabilities they require within the ecosystem including whether they can buy, build, partner, invest, or create an alliance to achieve their goals.

Security must be built-in from the ground up with the customer in mind

Consumers and business partners will expect security to be built into the system and so technology architects should follow an ‘always-on’ principle that provides high levels of control with appropriate fail-safes. Given the scale and velocity of IoT growth, security vulnerabilities can become large liabilities to the company.

Look for opportunities to drive value from security

Security architects should reconsider the security models to identify potential to enhance the value of security. Consider, for example, using premium concepts of security, privacy, and trust to differentiate the product. Security for IoT is not just about protecting valuable data, it’s also about finding opportunities to monetize the intelligence.

Engage in industry and regulatory groups to accelerate the normalization and standardization of IoT

Collaboration will reduce ambiguity and accelerate a company’s ability to launch products and services within a sustainable business ecosystem. At the same time, regulators will also need to participate in industry discussion in order to protect market and consumer interests. Technology companies should be proactive to help regulators to support IoT.